Snapshots

SMALL BUSINESS SNAPSHOT

February 2022

American small businesses continue to shoulder the burden of skyrocketing inflation, labor shortages, snarled supply chains, and severe economic uncertainty. As it was in January, February is experiencing even more disappointing economic indicators. President Biden and the Democrats’ reckless and wasteful spending agenda continues to fuel the inflation crisis. Energy prices are up, goods and services have surged in cost. American small businesses are hurting because of the failed Democrat leadership. Instead, small businesses need pro-growth, deregulatory policies, not agendas plagued with burdensome federal spending.

The below February 2022 Small Business Snapshot features numbers and news updates to provide more insight into the current small business economy.

MAINSTREET MEASUREMENTS

NEWS YOU CAN USE:

Job Creators Network: January Monthly Monitor (HERE)

  •  “Inflation continues to be the biggest concern with 40 percent of small businesses saying it is their first or second-biggest concern. Coronavirus restrictions and supply chain disruptions are also high on the list.”
  • “Sixty-six percent of small businesses think that the Build Back Better agenda will increase inflation and 67 percent of small businesses think the Biden administration isn’t doing enough to help supply chain issues.”
  • “Seventy-four percent of small businesses are concerned about coronavirus-related government mandates hurting their business.”
  • “Sixty-nine percent of small businesses think the economy is in fair or poor condition. That number jumps to 75 percent for employers with between two and nine employees.”
  • “Half of small businesses believe the economy is getting worse with only 27 percent saying better—the lowest number we’ve seen in nine months.”
  • “In January, overall small business optimism increased modestly from 55 to 56—the third lowest reading since the Monthly Monitor launched in May 2021.”

CNBC: “A New Inflation Reading Shows the Small Business Tipping Point Has Been Reached” (HERE)

  • “Inflation has taken hold of Main Street, with an increasing number of small business owners saying it will not relent over the next six months and raising prices to offset increases in the costs of supplies.”
  • “President Biden’s approval rating is underwater, and though the small business community skews conservative and the vast majority of liberals surveyed continue to support Biden, support among Democrats ticked down this quarter, and confidence in the Federal Reserve’s ability to control inflation is low.”

NFIB: New NFIB Survey: Inflation Continues Impact on Small Businesses (HERE)

  • The NFIB Small Business Optimism Index decreased slightly in January to 97.1, down 1.8 points from December. Inflation remains a problem for small businesses as 22% of owners reported that inflation was their single most important business problem, unchanged from December when it reached the highest level since 1981.”
  • “The net percent of owners raising average selling prices increased four points to a net 61% (seasonally adjusted), the highest reading since the fourth quarter of 1974.”

Fox Business: “COVID Lockdown Study Shows Government Used Pandemic as ‘Excuse’ to ‘Overreach’ Authority: Small Biz Owners” (HERE)

  • “A study conducted by Johns Hopkins University shows that lockdowns during the spring of 2020, when the coronavirus pandemic began, only reduced COVID-19 deaths by 0.2% in the U.S. and Europe.”
  • “Joseph Tota, founder and chief executive officer for Tapville, which has restaurants across the country and specializes in self-pour and service technology for craft beer, wine and cider, told FOX Business the lockdowns were "frustrating," given the new study showing their ineffectiveness.”

AAF: “Year One”: Assessing the Biden Regulatory Record Against Recent Administrations (HERE)

  • “The Biden Administration capped off its first full year in office with more than $201 billion in regulatory costs and 131 million hours in new annual paperwork, putting it far ahead of the two immediately preceding administrations’ respective first years by a wide margin.”
  • “Actions related to vehicle emissions and COVID-19 safety measures provided the vast majority of these administrative burdens.”
  • “Additionally, in terms of executive orders issued during the first year of an administration, the 77 put forth by President Biden represent the highest number since the Ford Administration.”